Press Release • March 2024

• Crossbay completes third acquisition in the Netherlands in 6 months
• 25,000 sq.m warehouse in Almere acquired from Arab Bank Switzerland’s real estate arm
• Crossbay has now acquired over 240,000 sq.m of last-mile assets for its second portfolio 

Crossbay, the pan-European last-mile logistics platform incubated by MARK, has completed the acquisition of a 25,514 sq. m. warehouse in Almere, the Netherlands, for circa €25m. The transaction brings Crossbay’s Netherlands portfolio to over 65,000 sq. m. in size.

The asset in Almere was acquired from AB Alternative, the real estate arm of Arab Bank Switzerland – which is managed by Savills IM – and is occupied on a long-term lease by e-commerce specialist 123inkt.nl

The site is in an established south-east Almere industrial park, less than 20 minutes from Amsterdam city centre. It benefits from quick access to the major Dutch logistics corridors, the A6 and A27, with a catchment area of 2.5 million people within a 30 minute drive.

The asset was built in 2003 and has been consistently upgraded by owners to meet modern institutional standards. It benefits from an EPC A label and includes 20 docks, 280 parking spots and clear height of up to 12m.

Crossbay’s value-add asset management strategy will include the implementation of a sustainability-focussed cap-ex programme to further stabilise and future-proof the asset.  

Marco Riva, CEO of Crossbay and head of logistics at MARK, said:“Our market-leading presence in the Netherlands has been years in the making, allowing us to secure high-quality assets at attractive pricing and our asset management expertise allows us to unlock additional value.

“Thanks to the asset class’s strong underlying fundamentals, urban logistics is set for a rapid repricing once market conditions normalise, creating a narrow window of opportunity, which is why we are being decisive but disciplined in our approach to acquisitions.”

Crossbay’s second portfolio now spans 243,777 sq.m sq. m. across 21 assets, with a presence in France, Germany, Italy, the Netherlands, and the UK. 

Consultants on the  acquisition side included 1530 Real Estate, Deloitte, Florent and CBRE, who undertook technical and climate risk due diligence. Savills IM was advised by Savills and HVG Law LLP.